Musk expects Twitter to give him data that will help him facilitate his evaluation of spam and fake accounts. The complications that have risen since however indicate that Elon Musk may not buy Twitter after all.
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According to a letter issued Monday morning by his lawyers to Twitter general counsel Vijaya Gadde, Elon Musk has the “right not to consummate” his purchase of Twitter and the “right to terminate the merger agreement.”
Why it makes a difference: Although Musk has been tweeting about the purchase being “on hold” for sometime, this is his first official, legal indication that his arrangement to buy Twitter is anything other than legally watertight.
Between the lines: Musk’s letter purports to be about a data issue. Musk expects Twitter to give him data that will help him “facilitate his evaluation of spam and fake accounts on the company’s platform.”
The big picture: Thanks to the current sell-off in technology stocks, both Twitter and Tesla, Musk’s primary source of wealth, are now valued significantly less than they were when Musk made his initial proposal of $54.20 per share. That implies Musk is overspending for the company with cash he will not be able to come up with.
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What they are implying: “Twitter has and will continue to cooperatively share information with Mr. Musk to consummate the transaction in accordance with the terms of the merger agreement,” the business said in a statement.
- “We believe this agreement is in the best interest of all shareholders,” it added. “We intend to close the transaction and enforce the merger agreement at the agreed price and terms.”
The main line is that there is no way Twitter will just accept Musk’s claim that he has the legal right to terminate the deal. Things are expected to get nasty if he attempts to do so.